The county legislature approved the budget for 2013. Revenues from property taxes are budgeted at $ 800,000.
Question:
Homestead........... $ 2,500,000
Veterans........... 1,000,000
Old age, blindness, etc..... 500,000
In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future. Using all of this information, determine
(a) The property tax rate that must be used to collect the desired revenues from property taxes and
(b) The levy on a piece of property that was assessed for $ 100,000 (after exemptions).
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Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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